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Cyber Insurers Pull Back Amid Increase in Cyber Attacks, Costs

eSecurity Planet

The explosion of ransomware and similar cyber incidents along with rising associated costs is convincing a growing number of insurance companies to raise the premiums on their cyber insurance policies or reduce coverage, moves that could further squeeze organizations under siege from hackers.

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Checklist for Getting Cyber Insurance Coverage

Thales Cloud Protection & Licensing

Checklist for Getting Cyber Insurance Coverage. As cyber criminals mature and advance their tactics, small and medium businesses become the most vulnerable because they lack the capacity – staff, technology, budget - to build strong cyber defenses. The necessity for cyber-insurance coverage.

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Scant evidence that cyber insurance boom is leading to better security

SC Magazine

The rise of the cyber insurance has largely failed to promote better cybersecurity practices among the industries they cover, according to a new report released Monday from British security think tank RUSI. However, in practice, it is still yet to be seen if cyber insurance can fulfil this promise.”.

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How Pen Testing can Soften the Blow on Rising Costs of Cyber Insurance

The Hacker News

As technology advances and organizations become more reliant on data, the risks associated with data breaches and cyber-attacks also increase. The introduction of data privacy laws, such as the GDPR, has made it mandatory for organizations to disclose breaches of personal data to those affected.

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As market for cyber insurance booms, watchdog calls for better data

SC Magazine

Overall, insurance companies seem to be responding to increased demand from clients for cyber-specific insurance, and one survey found that the two things most likely to spur a purchase of cyber insurance are when a business experiences a cyber attack and when they hear about other companies being hit by a cyber attack.

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How MSPs Help Small Businesses with Essential Cyber Insurance Cover

Duo's Security Blog

Small business cyber insurance: Is it really needed? However, according to Security Magazine , 43% of all cyberattacks target small businesses, and 60% of all small business victims of a data breach permanently close their doors within six months of the attack.

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Cybersecurity Insurance is Missing the Risk

Security Boulevard

Cyber attackers escalate and adapt quickly, which undermines the historical-based models that insurance companies rely on. Attackers are continually shifting their maneuvers that identify victims, cause increasing loss, and rapidly shift to new areas of impact. Variances and unpredictability make insurers nervous.